COMPLETING THE ACCOUNTING CYCLE - Charmine Lozada

Closing Journal Entries

Debit Credit

Service Revenue 50,000

Income Summary 50,000

Debit Credit

Income Summary 16,000

Salaries Expense 12,000

Depreciation Expense 500

Supplies Expense 1,000

Utilities Expense 2,500

Debit Credit

Income Summary 34,000

Pacioli, Capital 34,000

Post-Closing Trial Balance

Debit Credit
Cash 76,000

Accounts Receivable 22,000

Supplies 7,000

Equipment 30,000

Accum. Depreciation-Equipment 500

Accounts Payable 8,000

Accrued Expenses Payable 2,500

Pacioli, Capital 134,000

Pacioli, Drawing 10,000

TOTALS 145,000 145,000